News ID: 258423
Published: 0259 GMT September 07, 2019

Iran to offer 2m barrels of condensates at IRENEX

Iran to offer 2m barrels of condensates at IRENEX

The National Iranian Oil Company (NIOC) is going to sell two million barrels of gas condensates on the Iran Energy Exchange (IRENEX) on Wednesday.

The NIOC will offer the condensates at the base price of $56.09 per barrel in this round of offering, Shana reported.

The least possible amount for loading cargo for land transportation is 110 tons. Accordingly, buyers can receive their cargoes for at most three months after the purchasing date.

The delivery of cargoes in other areas strictly depends on the previous approval of the NIOC.

The NIOC sold 2 million barrels of heavy crude oil on the IRENEX on August 13 at $57.98 per barrel.

According to the NIOC, it was the 7th crude oil offering by NIOC at IRENEX.

Iran has started direct sales of oil to domestic and international buyers through its energy bourse in what appears to be a landmark strategy to dodge the impacts of returning sanctions.

Buyers have to pay 20 percent of the total value of their purchases in Iran’s national currency – the rial. The remaining payments would need to be made in foreign currencies after loading.

US officials have already said the sanctions will be meant to bring down Iran’s oil exports to zero. However, Iranian officials have repeatedly rejected the feasibility of this, stressing that international consumers cannot afford to lose Iranian supplies.

Iran’s First Vice President Es’haq Jahangiri said in October 2018 that the government of President Hassan Rouhani had already devised mechanisms to counter the impacts of returning US sanctions against the country’s oil exports.

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